RBS: 'Sell Everything' Before a Cataclysmic 2016
Bank Tells Clients to Flee 'Cataclysmic' 2016; FTSE Ends the Year at a Record High
RBS warned stocks could fall 20% and oil could hit $16. The FTSE 100 finished 2016 up 14.4%.
What was said
“Sell everything except high quality bonds. This is about return of capital, not return on capital. In a crowded hall, exit doors are small.”
— Andrew Roberts, credit chief at Royal Bank of Scotland (note to clients) · said Jan 2016 · due 2016, 'a cataclysmic year'
The FTSE 100 closed 2016 at an all-time high of 7,142, up 14.4% on the year. The exit doors turned out to be revolving.
The fine print
Reported by The Guardian on 12 January 2016: RBS economists warned of a 'cataclysmic year' in which European and US stock markets could fall 10-20% and oil could slump to $16 a barrel, with China as the likely crisis point, 'reminiscent of 2008'. Markets really did have a rough January. The Guardian's year-end live blog (30 Dec 2016) reported the FTSE 100 at a record close, up 14.4% for the year despite Brexit turbulence.
Sources
- Sell everything ahead of stock market crash, say RBS economists - The Guardianaccessed 2026-09-29
- FTSE 100 ends 2016 at all-time high of 7142 points - The Guardianaccessed 2026-09-29